GOLD → Consolidation within a symmetrical triangle

Nov 3

The market is holding gold back from strong movement, forming short jumps from zone to zone within consolidation. We have a symmetrical triangle within an upward correction channel.



Key supporting factors:
The US shutdown is becoming the longest in history, increasing economic risks.
China is canceling tax breaks for retailers. Trump may announce new tariffs related to China.
ISM Manufacturing PMI data (US) is ahead - a rare indicator during the shutdown.
The probability of a Fed rate cut in December has fallen to 69% (from 91.7% a week ago).
Technically, consolidation may continue until the price breaks one of the boundaries of the symmetrical triangle.

Support levels: 3990, 3956, 3915
Resistance levels: 4030, 4047, 4085

Traders are uncertain about the future direction, and as a result, the market is consolidating. There are limit levels both below and above that are holding back movement. Accordingly, until there is a clear fundamental background, it is possible to focus on trading within the channel. I expect a rebound from 3960 for a retest of resistance. However, a close above 4030 could trigger growth, while a close below 3956 would confirm the weakness of the market and trigger a fall to 3900.

Best regards, R. Linda!

Nov 3

Note

Gold bounces off 3990 and tries to stay above 4K.
There is downward resistance ahead, and breaking through this barrier could trigger momentum.
Accordingly, if gold manages to close above 4030, we may see opportunities for growth.